Payday loans

The FCA raises the red flag over these ‘wellbeing packages’ that allow employees to take part of their earnings before payday Lockdown has been a trying time for millions of workers. Suddenly having to work from home, coupled with worries about future security and finances, have weighed heavily for many. For an increasing number of […]

Continue Reading Salary advance schemes: lockdown lifesavers or a trap into debt?

Household borrowing and arrears linked to pandemic have soared to £10.3bn Britain is “sleepwalking into a debt crisis” after a steep rise in emergency borrowing by low- and middle-income households to cope with the Covid-19 jobs crisis. Research by the debt charity Stepchange found that household borrowing and arrears linked to the coronavirus pandemic have […]

Continue Reading Debt crisis warning as UK reports steep rise in emergency borrowing

FCA also gives further support to buy-now-pay-later and rent-to-own customers Coronavirus – latest updates See all our coronavirus coverage The UK’s financial regulator has car loan borrowers and users of other forms of high-cost credit the option of freezing payments and repossessions for three more months, amid concerns about a mounting economic toll from the […]

Continue Reading UK car loans and pawnbroker payments freeze extended

Financial Conduct Authority demands improved practices as companies restart lending The UK’s financial watchdog has warned high-cost lenders about irresponsible repeat lending and exploitative marketing that risks pushing vulnerable borrowers into a cycle of debt. The Financial Conduct Authority warnings follow a review of the high-cost, short-term credit industry that involved the borrowing history of […]

Continue Reading Watchdog warns UK high-cost lenders about exploitation

FCA to bring in measures to help customers over vehicle payments and payday loans Coronavirus – latest updates See all our coronavirus coverage The financial regulator has said car finance companies must offer a three-month payment freeze and should not repossess vehicles if customers are facing financial difficulties because of the coronavirus. The Financial Conduct […]

Continue Reading Car finance firms urged to halt repossessions during Covid-19 crisis

Financial ombudsman has upheld 70% of complaints against payday loan firms over past year Companies offering short-term loans to consumers have been urged by the financial ombudsman to prioritise the needs of their customers and warned that borrowers were already struggling with unmanageable levels of debt before the coronavirus crisis began. In recent years the […]

Continue Reading UK lenders warned about high levels of debt